Reassessing the Case for Central Clearing of Bonds and Repos in Australia: Consultation
In July 2024, the Council of Financial Regulators (CFR) released a consultation paper:
There have been considerable changes in the size and structure of the Australian bond and repo markets in recent years. Recent analysis by Reserve Bank of Australia (RBA) staff indicates that the potential benefits of central clearing in these markets has increased, and that the case for central clearing may be stronger than previously assessed.
As such, the CFR is seeking feedback from stakeholders on the magnitude of any costs and benefits that may accrue from the introduction of a central counterparty in the Australian bond and repo markets. Feedback is also sought from stakeholders to understand the circumstances under which a bond and repo CCP could be operated safely and efficiently by an overseas operator and what additional protections may be required for Australian bond and repo markets. The CFR is not considering any other policy proposals as part of this consultation, such as the introduction of a clearing mandate.
Written submissions to the consultation paper closed on 4 September 2025. The CFR received 22 submissions.
For further details, please see the CFR consultation paper:
In March 2025, the CFR published the report Reassessing the Case for Central Clearing of Bonds and Repos in Australia: Response to Consultation.
Submissions Received
22 submissions were received for this consultation, including 6 confidential submissions. The non-confidential submissions are published below:
Asia Securities Industry & Financial Markets Association
13 September 2024
Australian Custodial Services Association
6 September 2024
Australian Financial Markets Association
13 September 2024
Australian Securities Exchange
4 September 2024
Australian Securitisation Forum
13 September 2024
Carole Comerton-Forde
2 September 2024
Commonwealth Bank of Australia
30 August 2024
Depository Trust & Clearing Corporation
3 September 2024
Euroclear
6 September 2024
Imperium Markets
4 September 2024
International Swaps and Derivatives Association
4 September 2024
James Brugler
4 September 2024
National Australia Bank
4 September 2024
Rand Low and Terry Marsh
3 September 2024
Shumi Akhtar
2 September 2024
Zodia Custody
3 September 2024